- There are some good signs that things might look up for ADA.
- Whale transactions that are happening for ADA have seen a massive spike.
- The amount of daily active addresses for ADA is sinking.
Although 2022 was an extremely tough year for Cardano (ADA), many believe that the hardships for this crypto might not be over yet. The on-chain analytics firm Santiment took to Twitter earlier this morning to share some insights on ADA. According to Santiment, there are some good signs that things might look up for ADA, but there are also some bad signs for the altcoin.
Whale transaction counts $100k (Source: Santiment)
One of the good signs is that the amount of whale transactions that are happening for ADA has seen a massive spike since the start of this year. There is now an average of about 1,700 transactions per day valued at $100k or more.
10,000 to 10,000,000 coins ADA (Source: Santiment)
Another good sign is the fact that whales and sharks have been gathering ADA. Since the FTX collapse, whales and sharks have accumulated 659.53 million ADA.
ADA MVRV Ratio 30D (Source: Santiment)
In addition to this, many people believe that now is the perfect time to buy ADA after the massive price drops of 2022. In other words, there is a much lower risk in buying the crypto now,
ADA mean dollar invested age (Source: Santiment)
On the other hand, one of the less than favorable signs for ADA is the fact that the investments in coins on Cardano’s network are just sitting there without moving much. On average, the time coins are sitting in an address now stands at about 407 days. This is a huge increase from the 267 days six months ago.
ADA daily active addresses (Source: Santiment)
Another cause for concern is the fact that the amount of daily active addresses for ADA is sinking. This number has shrunk from its peak at 85,000 addresses per day to just 62,000 addresses per day now.
Although ADA is not completely in the clear, there does seem to be more to be excited about at the moment.
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